Enterprise Weekly #468: AI Hits Cloud Earnings, NYC Enterprise Operators Retreat, and More
Work-Bench is an enterprise software VC firm leading Seed rounds. If you are or know anyone thinking about founding an enterprise software startup — we’d love to meet! Please reach out to chat. 📩
We’re covering the Big 3 earnings this week:
Google Cloud reported $9.6B in revenue (up 28% YoY).
Microsoft’s Intelligent Cloud, which includes Azure, Windows, Nuance and GitHub, generated $26.7B in revenue (up 21% YoY).
AWS reported $25B in revenue (up 17% YoY).
Each exceeded expectations, attributing their success to one factor…drum roll 🥁 …the escalating demand for generative AI.
As every cloud provider races to offer customers highly scalable AI infrastructure, hyperscalers are aiming to differentiate from each other by offering everything from compute to inference services: Google created Gemini and TPUs, Microsoft provides cloud services for OpenAI’s suite of models, and AWS built Bedrock, Amazon Q, and more.
However, there are a growing number of startups trying to get a piece of the AI pie. As massive funding deals and acquisitions continue to dominate headlines, we’ve been cautioning the ecosystem on the downsides of skyrocketing valuations:
Looking one month out on our event horizon 🐻⛰️ If you’re a Sales, Marketing, Product, Customer Success, Engineering, or other functional lead at a fast growth company in NYC, don’t miss out on our biggest event of the year: NYC Enterprise Operators Retreat on June 5th! We have a few spots remaining!
🍺 Join more IRL Work-Bench events:
Tuesday, May 7: Taco Tuesday for early-stage enterprise founders and operators
Tuesday, May 14: DevOps Happy Hour for DevOps, SRE and infra corporate practitioners
Tuesday, May 14: AI Rooftop Happy Hour with Air Street Capital for AI founders, operators, and researchers
Wednesday, May 22: NY Enterprise Tech Meetup with a female VC panel from a16z, Lux Capital, and Work-Bench on what it takes to get funding and the top tech trends in today’s environment
🖥️ Don’t miss our most tactical (virtual) Work-Bench Enterprise Masterclasses:
Wednesday, May 22: 10 Quick Wins to Grow Pipeline with OpenView’s Kyle Poyar
Thursday, May 23: 5 Battle-Tested Leadership Tactics of Highly Successful Founders with David Politis, Founder of BetterCloud on his playbook covering crucial aspects like communication, instilling company values, optimizing meetings, and more
Company: CloudQuery
Role: Senior Frontend Engineer
Technology: Cloud Assets & Configuration
Funding: $18.5M from Work-Bench, Boldstart, Mango Capital, Haystack, Tiger Global Management
🌟 Company of the Week 🌟
Baselayer raises $6.5M led by Torch Capital, Afore Capital, and Others
Risk / Security • Seed • New York, NY
Founders: Jonathan Awad (CEO), Timothy Hyde (CTO)
Symbe raises $1.5M led by Concept Ventures
Sales / Marketing • Pre-Seed • London, UK
StepSecurity raises $3M led by Runtime Ventures
Infrastructure / Dev Tools • Seed • Seattle, WA
Insane Cyber raises $4.2M led by Paladin Capital Group
Risk / Security • Seed • San Antonio, TX
Ory Corp raises $5M led by Balderton and Insight Partners
Risk / Security • Series A • Doylestown, PA
Seam raises $5M led by Bessemer Venture Partners
Sales / Marketing • Seed • San Francisco, CA
Apex raises $7M led by Sequoia Capital and Index Ventures
Risk / Security • Seed • Tel Aviv, Israel
Zeck raises $7.5M led by Salesforce Ventures
Future of Work • Series A • Detroit, MI
DeepKeep raises $10M led by Awz Ventures
Risk / Security • Seed • Tel Aviv, Israel
401Go raises $12M led by Next Frontier Capital
HR Tech • Series A • Sandy, UT
Trovo Health raises $15M led by Oak HC/FT
Future of Work • Seed • New York, NY
Aikido raises $17M led by Singular
Risk / Security • Series A • Ghent, Belgium
LayerX Security raises $26M led by Glilot Capital Partners
Risk / Security • Series A • Tel Aviv, Israel
Mimic raises $27M led by Ballistic Ventures
Risk / Security • Seed • Palo Alto, CA
Traceable AI raises $30M led by IVP
Risk / Security • Venture • San Francisco, CA
SafeBase raises $33M led by Touring Capital
Risk / Security • Series B • San Francisco, CA
Oasis Security raises $35M led by Accel, Cyberstarts, and Sequoia Capital
Risk / Security • Series A • Tel Aviv, Israel
Elisity raises $37M led by Insight Partners
Risk / Security • Series B • San Jose, CA
Corelight raises $150M led by Accel
Risk / Security • Series E • San Francisco, CA
Island raises $175M led by Coatue
Productivity / Collaboration • Series D • Dallas, TX
CoreWeave raises $1.1B led by Coatue
Infrastructure / Dev Tools • Series C • Roseland, NJ
Drata acquires oak9 for an Undisclosed Amount
Infrastructure / Dev Tools • Acquisition • Chicago, IL